What is 'in-force business management' in SAP FS-PM - Policy Management?

in-force business management - Overview

• Component: FS-PM

• Component Name: Policy Management

• Description: Business management of policies for an insurance company does not include claims management.

in-force business management - Details

• 
  Key Concepts: 
  In-force business management is a component of the SAP FS-PM Policy Management module. It enables insurers to manage their existing policies and contracts, including policy renewals, cancellations, and changes. It also provides the ability to track policyholder information, such as contact details, payment history, and policy details.
  
  How to use it: 
  In-force business management can be used to manage existing policies and contracts. This includes tracking policyholder information, such as contact details, payment history, and policy details. It also provides the ability to process policy renewals, cancellations, and changes.
  
  Tips & Tricks: 
  When using in-force business management, it is important to ensure that all policyholder information is up-to-date and accurate. This will help ensure that policies are renewed on time and that any changes or cancellations are processed correctly.
  
  Related Information: 
  In-force business management is part of the SAP FS-PM Policy Management module. Other components of this module include new business management, claims management, reinsurance management, and financial accounting.